The current societal and economic climate also brings about a situation for people to hold less cash and stay hedged against market swings. Dealers said accepting cryptocurrency is a good marketing and branding tool. But it is still a niche business. Price volatility and the absence of trusted banks and other financial It also put extra pressure on exchanges in India and abroad who faced some difficulty in processing orders as investors rushed to buy bitcoin.
Tesla also said it would begin accepting the digital token as a form of payment for its electric cars. Globally, crypto traders on twitter complained that several well-known exchanges such as Binance and Kraken were showing technical difficulty in executing orders.
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